Banks should not accept foreign law firm proposal to open a branch in India: RBI


The Reserve Bank has asked banks not to accept any proposal of a foreign law firm to open a branch in India. In view of the order of the Supreme Court, the RBI issued a circular on Monday, directing banks not to give any approval to any branch office, project office, contact office, or another place of business under FEMA for the purpose of legal practice in India. is done.

The Supreme Court had said in its judgment that under India Advocate Act, 1961 only enrolled lawyers are entitled to practice and foreign law firms or foreign lawyers cannot practice legally in India.